MEA cyber security market 'to pass $13bn by 2019'

Industry News

17 Sep 2015

Businesses in the Middle East and Africa must do more to ensure their staff have the necessary skills to counter new IT security threats as investments in cyber defences grow.

The cyber security market in the Middle East and Africa (MEA) is set to be worth almost $13.5 billion by the end of the decade as new technologies such as the Internet of Things (IoT) disrupt digital organisations and present new opportunities for criminals.

Research by Cybersecurity Ventures suggests that the sector will see a compound annual growth rate of 13.7 per cent over the next five years, taking the overall value of the market to $13.43 billion by 2019.

Meanwhile, industry experts have also warned that digital businesses in the region will experience major service failures in the coming years, as their IT security teams do not have the skills to effectively counteract more sophisticated attacks or manage the risks their organisations face.

Therefore, investing in the latest technologies is only half the battle for companies in the Middle East. They must also ensure their staff are adequately trained and have the necessary knowledge to use these tools effectively.

Rohit Aggarwal, chief executive officer and founder of IT training company Koenig Solutions, said: "Despite the rapid growth being experienced by the global IT segment, there is still a major lack of skills availability, particularly in the MEA region."

He added that as a result of this, a large number of enterprises will be relying on value added resellers and system integrators to help meet their security needs.

Acquiring expert help will be increasingly important as new innovations emerge to change the way in which firms do business. In particular, the growing proliferation of IoT devices has been identified as one of the biggest threats, with it expected to be more disruptive than the emergence of the internet.

However, it is not the only change businesses will have to adapt to. Mr Aggarwal said: "The growing adoption of mobile, cloud and social media is expected to drive an increase in the use of new security technology and services in the next few years."

Businesses in the Middle East will therefore need to place a close focus on understanding these technologies - and their potential impact on security - if they are to keep their data secure.